WEEK 1 670 submit

WEEK 1 670 submit

Question 1:

Review the Constitution in Appendix A and  choose one of the following sections of the U.S. Constitution or a specified amendment to use as the basis for your initial response:

•          Any of Congress’s enumerated powers under Article I, Section 8

•          1st Amendment

•          4th Amendment

•          5th Amendment

•          14th Amendment

Identify the section of the Constitution or its amendment that you have chosen. Discuss how this section of the Constitution or its amendments both limit and protect business in general. Describe an example of how the section of the Constitution or its amendment that you have chosen could be applied to your professional life (past, present, or future). In your example, discuss whether the section of the Constitution you have chosen to address limits business or protects it.

Question 2

When to form an LLC (Limited Liability Company) (Links to an external site.) discusses why the LLC is one of the most popular types of business entity.  After reading the article and Chapter 30 of the textbook, compare an LLC with a C corporation and with an S corporation.  If you were operating your own business, would you choose the LLC as the organizational form for your business?  Explain your reasoning.

Question 3

Imagine that you own each of the following businesses:

Tinker’s Home Security Service (sole proprietorship)

Tinker & Tailor’s Home Security Service (general partnership)

Tinker & Tailor’s Home Security Service (LP)

Tinker & Tailor’s Home Security Service, Inc. (corporation)

Tinker & Tailor’s Home Security Service, LLC (LLC)

•          The businesses are being sued for breach of contract. Create a matrix that lists each business, and compare and contrast your personal liability exposure as an owner as a result of the lawsuit.

•          For each business entity, analyze how you might limit your liability exposure as an owner.

•          Describe a business that you may own some day or that you currently own. (Even if you never plan to own a business, pretend as if you will do so for the purposes of this assignment.) Examine the best business organizational form for the business that you have described, including in your examination personal liability exposure, management, taxation, and ease of formation.

Submit a four- to five-page paper (not including title and reference pages). Your paper must be formatted according to APA style as outlined in the approved APA style guide and you must cite at least three scholarly sources in addition to the textbook.

Carefully review the Grading Rubric (Links to an external site.) for the criteria that will be used to evaluate your assignment.

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